Traders were waiting for Bernanke’s speech Friday in Jackson Hole, Wyoming, hoping for signs of new stimulus plans. Hopes for further action took a blow this week when the Fed’s “Beige Book” survey of economic sentiment was fairly positive.

“The Federal Reserve symposium at Jackson Hole is widely expected to disappoint,” said DBS Group in a report. “The Fed has scope to continue its wait-and-see approach, and keep open the door for action if needed.”

Wall Street fell Thursday despite higher U.S. consumer spending. Investors were put off by concern about high fuel prices and stagnant employment.

The U.S. government reported consumer spending rose in July from June, after a flat June and a decline in May. Separately, retailers such as Target Corp., Gap Inc. and Macy’s Inc. reported higher-than-expected August sales.

But investors instead worried the gains were only temporary, driven by back-to-school shopping that will peter out.

South Korea reported July industrial production growth slowed more abruptly than expected, falling to 0.3 per cent over a year earlier from June’s 1.4 per cent.

In Europe, a monthly survey of sentiment Thursday suggested the continent’s growth is headed for a 2 per cent contraction this year.

On Thursday, Chinese Premier Wen Jiabao, who usually avoids such pointed comments about other governments, expressed alarm about Europe’s debt problems and called on Greece, Spain and Italy to embrace budget cuts and other reforms.

Inspectors from the so-called troika of the European Union, the European Central Bank and the International Monetary Fund are due in Athens next month for a financial review on which hinges a rescue loan installment of €31 billion.

“There have been plenty of meetings among European leaders this week, but once again nothing concrete came out of it,” said Stan Shamu of Australia’s IG Markets in a report.

Benchmark oil for October delivery fell 3 cents to $94.59 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 87 cents to finish at $94.62 on the Nymex on Thursday.

In currencies, the dollar fell to 78.44 from 78.63 yen late Thursday in New York. The euro was nearly unchanged at $1.2504.